http://www.luxist.com/2007/10/19/hillandale-estate-of-the-day/ Luxist Comments for Hillandale, Estate of the Day http://www.luxist.com/media/feedlogo.gif http://www.luxist.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/http://www.luxist.com/2007/10/19/hillandale-estate-of-the-day/http://www.luxist.com/2007/10/19/hillandale-estate-of-the-day/Oct 19th 2007 2:11PMhttp://www.luxist.com/2007/10/19/hillandale-estate-of-the-day/http://www.luxist.com/2007/10/19/hillandale-estate-of-the-day/Oct 19th 2007 4:06PMhttp://www.luxist.com/2007/10/19/hillandale-estate-of-the-day/http://www.luxist.com/2007/10/19/hillandale-estate-of-the-day/
Looking back to the still unsold but magnificent residence of Mel Gibson ("Old Mill Farm" by Lewis Bowman) in Greenwich for just under $40M - that is much more appealing to me. A big inventory of high-end homes designed by the best of Gilded Age architects are easily found in Greenwich for sale so nothing north of $20M is really moving.

The grounds of this estate look wonderful - mature sunken gardens can't be beat. The 263 acres is the prize as cited in the Newsday and original Hartford Courant article (not linked or cited) which noted the listing.

Even hitting $50M will require a huge demand for building lots, which is semi-soft right now. Not that I'd want to see such a loss of a large parceled estate but economically get that money someone will re-package the manor house on 20 acres and then offer multiple building parcels of 10 - 20 acres each.

In my view the only semi-appealing house by itself on 20 acres still would struggle to find a buyer at $22M. Another $25M might be squeezed out of developing the remaing 223 acres.

Lets be realistic: the highest price in the State of CT, was the former Henryk de Kwiatkowski (of Calumet Farm fame) estate to Thomas Petterfy for $45M and that was magnificent and on 80-acres within Conyers Farm: the old listing still here

http://www.davidogilvy.com/h1399.htm

This offering is just not double the value of that offering. ]]>Oct 19th 2007 4:10PM